{"id":34544,"date":"2024-03-18T11:47:47","date_gmt":"2024-03-18T11:47:47","guid":{"rendered":"https:\/\/edukemy.com\/blog\/?p=34544"},"modified":"2024-03-18T11:47:48","modified_gmt":"2024-03-18T11:47:48","slug":"monetary-aggregates-upsc-economy-notes","status":"publish","type":"post","link":"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/","title":{"rendered":"Monetary Aggregates &#8211; UPSC Economy Notes"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-economy?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Blog+Economy\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1280\" height=\"300\" src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17.png\" alt=\"\" class=\"wp-image-42386\" srcset=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17.png 1280w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17-1170x274.png 1170w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17-585x137.png 585w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><\/figure>\n\n\n\n<p>Monetary aggregates, often referred to as money supply measures, encapsulate the various forms of money within an economy, providing a vital lens through which to analyze and manage monetary policy. These aggregates represent the total amount of money circulating within an economy and serve as essential indicators for policymakers, economists, and financial analysts. Comprising both physical currency and various types of deposits, monetary aggregates offer insights into the liquidity and overall health of an economy, influencing decisions related to interest rates, inflation targeting, and overall economic stability. Understanding the composition and dynamics of monetary aggregates is crucial for formulating effective monetary policy strategies aimed at fostering sustainable economic growth and stability.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-69e27894009d0\" class=\"ez-toc-cssicon-toggle-label\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e27894009d0\"  \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#Monetary_Aggregates\" title=\"Monetary Aggregates\">Monetary Aggregates<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#Pointers\" title=\"Pointers\">Pointers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#Reserve_Money_M0\" title=\"Reserve Money (M0)\">Reserve Money (M0)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#Narrow_Money_M1\" title=\"Narrow Money (M1)\">Narrow Money (M1)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#Broad_Money_M3\" title=\"Broad Money (M3)\">Broad Money (M3)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#Liquidity_and_Ranking_in_Monetary\" title=\"Liquidity and Ranking in Monetary\">Liquidity and Ranking in Monetary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#Impact_of_Monetary_Aggregates\" title=\"Impact of Monetary Aggregates\">Impact of Monetary Aggregates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#Effects_of_Monetary_Aggregates\" title=\"Effects of Monetary Aggregates\">Effects of Monetary Aggregates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#FAQs_on_Monetary_Aggregates\" title=\"FAQs on Monetary Aggregates:\">FAQs on Monetary Aggregates:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#1_What_are_monetary_aggregates\" title=\"1. What are monetary aggregates?\">1. What are monetary aggregates?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#2_Why_are_monetary_aggregates_important\" title=\"2. Why are monetary aggregates important?\">2. Why are monetary aggregates important?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#3_What_are_the_main_types_of_monetary_aggregates\" title=\"3. What are the main types of monetary aggregates?\">3. What are the main types of monetary aggregates?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#4_How_do_changes_in_monetary_aggregates_affect_the_economy\" title=\"4. How do changes in monetary aggregates affect the economy?\">4. How do changes in monetary aggregates affect the economy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#5_How_do_central_banks_influence_monetary_aggregates\" title=\"5. How do central banks influence monetary aggregates?\">5. How do central banks influence monetary aggregates?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#In_case_you_still_have_your_doubts_contact_us_on_9811333901\" title=\"In case you still have your doubts, contact us on 9811333901.&nbsp;\">In case you still have your doubts, contact us on 9811333901.&nbsp;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/edukemy.com\/blog\/monetary-aggregates-upsc-economy-notes\/#Visit_our_YouTube_Channel_%E2%80%93_here\" title=\"Visit our YouTube Channel &#8211;&nbsp;here\">Visit our YouTube Channel &#8211;&nbsp;here<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Monetary_Aggregates\"><\/span><strong>Monetary Aggregates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Monetary aggregate: <\/strong>A formal accounting method for money, including cash or money market funds.<\/li><li><strong>Money supply: <\/strong>Measured using monetary aggregates in a country.<\/li><li><strong>Monetary base: <\/strong>Comprises the total supply of money in circulation and the central bank\u2019s reserved portion of commercial bank reserves.<\/li><li><strong>Federal Reserve: <\/strong>Utilizes money aggregates as a statistical measure to assess the impact of open-market activities on the economy.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pointers\"><\/span><strong>Pointers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Money aggregates: <\/strong>Broad categories for quantifying an economy&#8217;s money supply.<\/li><li><strong>M0: <\/strong>The monetary base consisting of physical paper and coin money in circulation and central bank reserves.<\/li><li><strong>M1: <\/strong>Includes M0 along with traveler\u2019s checks and demand deposits.<\/li><li><strong>M2: <\/strong>Encompasses M1, money market shares, and savings deposits.<\/li><li>Working Group on Monetary Aggregate: Established under the Chairmanship of Dr. Reddy to analyze the scientific aspects of financial studies.<\/li><li><strong>Four monetary aggregates: <\/strong>Proposed by the Working Group based on financial sector liquidity and ranking:<ul><li>M0 (monetary base)<\/li><li>M1 (narrow money)<\/li><li>M2<\/li><li>M3 (broad money).<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reserve_Money_M0\"><\/span><strong>Reserve Money (M0)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Reserve Money: Also known as <strong>&#8220;High Powered Money&#8221; or &#8220;Base Money&#8221;.<\/strong><\/li><li>Total liability of the RBI.<\/li><li>Category of cash supply encompassing <strong>physical cash (coins and notes), demand deposits, and other liquid assets held by the central bank<\/strong>.<\/li><li><strong>M0 formula: <\/strong>Includes currency in circulation, bankers\u2019 deposits with the RBI, and &#8216;other&#8217; deposits with the RBI.<\/li><li><strong>Currency in circulation:<\/strong> Comprises notes and coins in circulation.<\/li><li><strong>Bankers\u2019 deposit with the RBI: <\/strong>Refers to bank&#8217;s current account deposit with RBI.<\/li><li><strong>Other deposits: <\/strong>Encompasses balances in the accounts of foreign central banks, government, and international agencies like the IMF.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Narrow_Money_M1\"><\/span><strong>Narrow Money (M1)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Narrow money aggregates: <\/strong>Focus on the most liquid assets primarily used for spending, such as money and checkable deposits.<\/li><li><strong>Components of M1: <\/strong>Consist of currency with the public, demand deposits with banking organizations, and &#8216;other&#8217; deposits with the RBI.<\/li><li><strong>Demand deposits with the Banking System: <\/strong>Comprise current deposits and the demand liabilities portion of savings deposits.<\/li><li><strong>M2: <\/strong>An extension of narrow money, includes savings deposits from post office savings accounts, in addition to the components of M1.<\/li><li><strong>Components of M2: <\/strong>Incorporates time liabilities of savings deposits with the Banking System, certificates of deposit issued by banks, and term deposits with a legally binding maturity of up to and including 1 year with the Banking System (excluding CDs).<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Broad_Money_M3\"><\/span><strong>Broad Money (M3)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Broad money: <\/strong>Represents the aggregate of various components including currency with the public, current deposits, savings deposits, certificates of deposits, term deposits, borrowings from non-depository financial institutions by the banking system, and other deposits with RBI.<\/li><li><strong>M3: <\/strong>Focuses on the balance sheet of the banking sector.<\/li><li><strong>Components of M3: <\/strong>Includes M2, term deposits with a maturity exceeding one year with the Banking System, and call\/term borrowings from non-depository financial institutions by the Banking System.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Liquidity_and_Ranking_in_Monetary\"><\/span><strong>Liquidity and Ranking in Monetary<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table><tbody><tr><td><strong>Name<\/strong><\/td><td><strong>Type<\/strong><\/td><td><strong>Liquidity<\/strong><\/td><\/tr><tr><td>M0<\/td><td>Narrow Money<\/td><td>Highly Liquid<\/td><\/tr><tr><td>M1<\/td><td>Narrow Money<\/td><td>Less than M1<\/td><\/tr><tr><td>M2<\/td><td>Broad Money<\/td><td>Less than M2<\/td><\/tr><tr><td>M3<\/td><td>Broad Money<\/td><td>Lowest Liquidity<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Impact_of_Monetary_Aggregates\"><\/span><strong>Impact of Monetary Aggregates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Monetary aggregates analysis: <\/strong>Offers valuable insights into a country\u2019s financial stability and general health.<\/li><li><strong>Example: <\/strong>Rapid growth in monetary aggregates may trigger concerns regarding high inflation rates.<\/li><li><strong>Impact of excess money: <\/strong>Prices are likely to increase if there&#8217;s an excess of money in circulation relative to the quantity of products.<\/li><li><strong>Response to high inflation: <\/strong>Central banks may need to raise interest rates or curtail money supply expansion to address high inflationary pressures.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Effects_of_Monetary_Aggregates\"><\/span><strong>Effects of Monetary Aggregates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Monetary aggregates data: <\/strong>Utilized for analyzing a country\u2019s economic health and financial stability.<\/li><li><strong>Central banks: <\/strong>Rely on these data to formulate monetary policy over decades.<\/li><li><strong>Economists&#8217; observations: <\/strong>Highlight a discrepancy between money supply fluctuations and indicators like unemployment, GDP, and inflation.<\/li><li><strong>Federal Reserve&#8217;s role: <\/strong>Its monetary policy is influenced by the central bank&#8217;s policy and decisions.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Monetary aggregates: <\/strong>Play a crucial role in understanding a country\u2019s economy and shaping central banking policy.<\/li><li><strong>Observations over decades: <\/strong>Have revealed a weakening connection between money supply changes and key indicators such as inflation, Gross Domestic Product (GDP), and unemployment.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs_on_Monetary_Aggregates\"><\/span><strong>FAQs on Monetary Aggregates:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_are_monetary_aggregates\"><\/span><strong>1. What are monetary aggregates?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Monetary aggregates are measures used to quantify the total amount of money within an economy. These aggregates include various forms of money, such as currency in circulation, demand deposits, and savings deposits.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Why_are_monetary_aggregates_important\"><\/span><strong>2. Why are monetary aggregates important?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Monetary aggregates provide insights into the overall liquidity and monetary conditions of an economy. Central banks use these measures to monitor the money supply, assess inflationary pressures, and implement monetary policy to achieve economic stability.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_What_are_the_main_types_of_monetary_aggregates\"><\/span><strong>3. What are the main types of monetary aggregates?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The main types of monetary aggregates typically include M0, M1, M2, and M3. M0 represents the narrowest measure of money, consisting of currency in circulation and reserves held by banks. M1 includes M0 plus demand deposits, while M2 adds savings deposits and small time deposits. M3, which is less commonly used now, encompasses M2 plus large time deposits and institutional money market funds.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_How_do_changes_in_monetary_aggregates_affect_the_economy\"><\/span><strong>4. How do changes in monetary aggregates affect the economy?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Changes in monetary aggregates can impact various economic variables such as inflation, interest rates, and economic growth. For instance, an increase in the money supply may lead to higher inflation if it outpaces the growth of real output, while a decrease may help control inflation but could also slow down economic activity.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_How_do_central_banks_influence_monetary_aggregates\"><\/span><strong>5. How do central banks influence monetary aggregates?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Central banks influence monetary aggregates through their monetary policy tools, such as open market operations, reserve requirements, and discount rates. By adjusting these tools, central banks can control the level of reserves in the banking system, impacting the money supply and hence the monetary aggregates.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-essay?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Essay\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/UPSC-Essay-Course-1280\u00d7300-1-3.svg\" alt=\"\" class=\"wp-image-42688 lazyload\" width=\"781\" height=\"182\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 781px; --smush-placeholder-aspect-ratio: 781\/182;\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_case_you_still_have_your_doubts_contact_us_on_9811333901\"><\/span><strong>In case you still have your doubts, contact us on 9811333901.<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For UPSC Prelims Resources,&nbsp;<a href=\"https:\/\/edukemy.com\/upsc-cse-prelims-resource-centre\" target=\"_blank\" rel=\"noreferrer noopener\">Click here<\/a><\/p>\n\n\n\n<p>For Daily Updates and Study Material:<\/p>\n\n\n\n<p>Join our Telegram Channel &#8211;&nbsp;<a href=\"https:\/\/t.me\/WithEdukemy4IAS\" target=\"_blank\" rel=\"noreferrer noopener\">Edukemy for IAS<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1. 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Mains Answer Writing Practice &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3mZuVxl\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Visit_our_YouTube_Channel_%E2%80%93_here\"><\/span>Visit our YouTube Channel &#8211;&nbsp;<a href=\"https:\/\/www.youtube.com\/@EduKemyforIAS\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Monetary aggregates, often referred to as money supply measures, encapsulate the various forms of money within an economy<\/p>\n","protected":false},"author":17,"featured_media":34545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[209],"tags":[235,2677,232,213,140],"class_list":["post-34544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-notes","tag-economy-notes","tag-monetary-aggregates","tag-upsc","tag-upsc-notes","tag-upsc_preparation_strategy"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/comments?post=34544"}],"version-history":[{"count":1,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34544\/revisions"}],"predecessor-version":[{"id":34546,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34544\/revisions\/34546"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media\/34545"}],"wp:attachment":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media?parent=34544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/categories?post=34544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/tags?post=34544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}